First City Capital Management Inc. Raises Stock Holdings in Chevron Co. (NYSE:CVX)

First City Capital Management Inc. raised its position in shares of Chevron Co. (NYSE:CVX) by 2.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 19,034 shares of the oil and gas company’s stock after buying an additional 485 shares during the period. Chevron accounts for about 1.5% of First City Capital Management Inc.’s investment portfolio, making the stock its 15th biggest holding. First City Capital Management Inc.’s holdings in Chevron were worth $2,757,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Central Pacific Bank Trust Division lifted its position in Chevron by 11.3% during the fourth quarter. Central Pacific Bank Trust Division now owns 15,008 shares of the oil and gas company’s stock valued at $2,174,000 after acquiring an additional 1,521 shares during the last quarter. Modus Advisors LLC lifted its holdings in shares of Chevron by 3.5% during the 4th quarter. Modus Advisors LLC now owns 19,043 shares of the oil and gas company’s stock valued at $2,758,000 after purchasing an additional 637 shares during the last quarter. GAMMA Investing LLC grew its stake in Chevron by 24.8% during the 4th quarter. GAMMA Investing LLC now owns 25,401 shares of the oil and gas company’s stock worth $3,679,000 after buying an additional 5,044 shares during the last quarter. Trust Co of the South acquired a new position in Chevron during the 4th quarter valued at about $261,000. Finally, Old Port Advisors raised its stake in Chevron by 0.9% in the fourth quarter. Old Port Advisors now owns 17,240 shares of the oil and gas company’s stock valued at $2,497,000 after buying an additional 162 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

CVX stock traded up $1.72 during midday trading on Friday, hitting $148.43. 3,102,465 shares of the stock traded hands, compared to its average volume of 5,083,043. The stock’s fifty day simple moving average is $153.73 and its 200-day simple moving average is $151.27. The firm has a market cap of $266.74 billion, a P/E ratio of 16.31, a PEG ratio of 2.93 and a beta of 1.10. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $167.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. Chevron’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.05 EPS. On average, analysts expect that Chevron Co. will post 10.5 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were given a dividend of $1.63 per share. The ex-dividend date was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.39%. Chevron’s dividend payout ratio (DPR) is 71.65%.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. Truist Financial boosted their price target on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. UBS Group raised their price target on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and upped their target price for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Scotiabank lowered their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Barclays boosted their price target on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.19.

Insider Buying and Selling

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the sale, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is owned by insiders.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.